Shares in Goldman Sachs advanced after the opening bell on Wall Street on Wednesday after the US investment bank easily beat consensus forecasts with its fourth-quarter results.

The New York-based bank reported earnings per share (EPS) of $5.60 compared to the $3.64 consensus estimate. This was Goldman's most profitable quarter since the first three months of 2010.

Net revenues in the final quarter of 2012 came in at $9.24bn, up 53% from the $6.05bn reported in the same period the year before and well ahead of the $7.91bn forecast.

This growth was buoyed by an impressive 66% revenue jump in the Investment Banking division, a 126% gain in Investment & Lending, a rise of 20% in Investment Management and a 42% surge in Institutional Client Services. The latter, its largest division with revenues of $4.34bn, was bolstered by the gain of $500m on the sale of its hedge fund administration business.

"While economic conditions remained challenging for much of last year, the strengths of our business model and client franchise, coupled with our focus on disciplined management, delivered solid performance for our shareholders," said Chief Executive Lloyd Blankfein.

"The firm's strategic position provides a solid basis on which to grow and generate superior returns," he said.

Shares were up 2.51% at 139p by 11:09 in New York.

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